The CEO of Evonik Industries, Christian Kullmann, has cautioned against a deepening of the global economic slowdown, citing unpredictable US policy as a significant contributing factor. In an interview with Handelsblatt, Kullmann expressed concern that the repeated threat of new tariffs is pushing the world closer to an economic crisis.
He stated that a pervasive sense of unease and apprehension is spreading worldwide, fueled by uncertainty surrounding future governmental actions. Kullmann dismissed the notion that a trade deal between the EU and the US would effectively alleviate this insecurity, suggesting any such agreement might have a fleeting impact.
Predicting continued volatility in US policy, he anticipates a sustained increase in economic uncertainty. Kullmann noted a shift away from multilateralism, the framework from which the German economy has benefited in recent decades, asserting that this foundation for growth and prosperity has now ended.
Instead, Kullmann advocates for proactive engagement and strength in action from both businesses and policymakers within Europe. He proposes a “economy first” approach as a response to the “America first” stance seen internationally. Kullmann expressed optimism regarding the support that the new German government and the EU Commission will provide to the economy. A high-level investment summit, bringing together prominent business leaders and German Chancellor Friedrich Merz, is scheduled for Monday in Berlin, although Evonik Industries will not be participating directly.
